3min chapter

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Michael Pettis: China's Economic Growth Model Is Dying

Forward Guidance

CHAPTER

The Chinese Financial System and the Central Bank

In China, banks represent something like 90% of the financing. It's a heavily bank system. The regulators decide what the banks are going to do basically. But if the regulators want automobile loans to go up by 10%, automobile loans will go up by10%. Interest rates didn't matter. So it's a very, very different banking system.

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